Filing dates, prescription periods

Question 1

CGT on direct sale of domestic stocks - Transactional return

Answer 1

Within 30 days after each sale or installment

Question 2

CGT on direct sale of domestic stocks - Annual return

Answer 2

On or before the 15th day of the 4th month after the taxable year

Question 3

CGT on sale of real property classified as capital asset within the Philippines (paid only by Individuals and Domestic Corporations! RFC and NRFC are taxed at RIT)

Answer 3

Within 30 days from sale/exchange

Question 4

Period of redemption / right of redemption of individual mortgagor

Answer 4

Within 1 year from registration of sale in Office of Registry of Deeds

Question 5

ITR for individual professionals / business owners

Answer 5

Annual Form 1701 - May 15 of the succeeding year

Quarterly form 1701Q - May15, Aug15, Nov15

Question 6

ITR for pure compensation income earners

Answer 6

Form 1700 - May 15 of the succeeding year

Question 7

NOLCO may be carried over for…

Answer 7

3 years

Question 8

MCIT is imposed on…

Answer 8

The 4th year

Question 9

ITR for corporations

Answer 9

1702-RT/EX/MX (Q) - 60 days EOQ

Annual return - 15th day of 4th month following the end of the taxable year

Question 10

Installment payment of income tax payable is allowed only to individuals and if the tax due is more than P2,000.
The 2nd installment of payment of income tax is due on…

Answer 10

October 15

Question 11

A return may be modified within ___ years from date such return is filed.

Answer 11

Within 3 years from such date it was filed, provided no notice or investigation has already been served upon the taxpayer.

Question 12

Retention period

Answer 12

10 yrs from date such return is filed… provided hard copies are retained within first 5 years

Question 13

For RBE’s availing incentives by the IPA, the deadline for filing the Annual Tax Incentives report is

Answer 13

Within 30 days from the deadline of filing the final adjustment return

Question 14

Quarterly VAT return

Answer 14

Within twenty five (25) days following the close of the taxable quarter. 2550Q

Question 15

Monthly VAT return

Answer 15

Not later than the 20th day following the end of each month. 2550M

Question 16

Period for collection of taxes

Answer 16

5 years following assessment or

10 years from discovery of fraud

Question 17

Prescription period for criminal actions for the enforcement of penal provisions

Answer 17

Within 5 years of assessment

Question 18

Explain the substituted filing system

Answer 18

1) Employee signs 2316 Certificate of Compensation Payment and Tax Withheld and returns to the employer
2) Employer submits a duplicate copy to the BIR not later than February 28 of the succeeding year with the accompanying Certified List of Employees Qualified for Substituted Filing of ITR.
3) Stamping of “received” = substituted filing

Question 19

Payment of the IAET

Answer 19

Within 15 days after the close of the taxable year

Question 20

Filing of 1603Q

Answer 20

The Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to M&S employees shall be filed on/before the last day of the month following the close of the calendar quarter during which “withholding” was made.

For eFPS employers: the deadline for e-filing and e-paying is 5 days later than the deadline for manual filing

Question 21

Period of filing donor’s tax return

Answer 21

Within 30 days after donation

Question 22

Prescriptive period for assessment

Answer 22

Generally 3 yrs from filing / due date of filing; and 10 yrs if fraudulent return.

Question 23

Cancellation of VAT Registration shall be effective…

Answer 23

Approval shall be effective on the first day of the month following the month of approval of cancellation.

Question 24

Deadline for VAT registration

Answer 24

Not later than 10 days before the beginning of the calendar quarter

Question 25

When should the books of accounts be registered?

Answer 25

Before the deadline of filing the quarterly or annual income tax return.

Question 26

How any times should the books of accounts and other records be examined?

Answer 26

Only once in a taxable year,

Question 27

Where should the books of accounts and other records be examined?

Answer 27

In the taxpayer's office or place of business, OR office of the BIR.

Question 28

When is inspection of books done more than once?

Answer 28

- In cases of fraud, irregularity, or mistakes - If the TP requests for reinvestigation - Verification of compliance with withholding tax laws and regulations - Verification of capital gains tax liabilities

Question 29

What is the prescription period for assessment?

Answer 29

-3 yrs after the last day of filing or the day the return is filed, whichever is later OR -10 yrs from discovery of fraud or omission

Question 30

What is the prescription period for collection?

Answer 30

- 5 yrs following assessment - Within the period agreed upon by taxpayer and CIR before the expiration of the 5-year period - 10 yrs from discovery of fraud

Question 31

Prescription period for civil action

Answer 31

Within 5 years of assessment

Question 32

Prescription period for criminal actions for the enforceent of penal provinsions

Answer 32

Must be filed within 5 years from assessment, and this may be filed during the pendency of an administrative protest.`

Question 33

What is the prescription period for assessment of local taxes?

Answer 33

Within 5 years from the due date, except in cases of fraud, which is 10 years from discovery.

Question 34

What is the protest procedure for local tax already paid?

Answer 34

- Within 30 days after payment, file a protest with the Local Treasurer. - Wait 60 days for the Local Treasurer's decision - If denied, or upon the lapse of 60 days, you must file APPEAL to the LBAA within 60 DAYS - Wait 120 days for the LBAA's decision - Upon lapse or denial, you have 30 days to appeal to the CBAA, or file a motion for reconsideration - Upon the CBAA's decision, you must file a PETITION FOR REVIEW with the CTA within 30 DAYS.

Question 35

What is the procedure for protesting an assessment for local taxes?

Answer 35

- Within 60 days upon receiving the assessment, you must file a protest with the Local Treasurer - Wait 60 days for the Local Treasurer's decision - Upon lapse or denial, you must file an appeal with the RTC within 30 days - If denied, you must file an appeal with the CTA within 15 days - If your appeal is not approved by the CTA, then you assessment is final and executory.

Question 36

What are the grounds for injunction?

Answer 36

- Suit is not forbidden | - Ground for injunction is to prevent the collection of wrongful taxes

Question 37

What is the procedure for claiming a refund of local taxes?

Answer 37

A) Within 2 years, you must appeal to the RTC. If denied, appeal to the CTA within 15 days. B) File a claim for refund with the Local Treasurer. If they deny the claim, appeal to the RTC. If denied again, appeal to the CTA within 15 days.

Question 38

Who may levy real property tax?

Answer 38

Only provinces, cities and municipalities within Metro Manila may levy real property tax.